The Binance Coin (BNB) price posts the first daily gain in three days around $848.00 early Friday morning in New York.
BNB’s latest gains, the first in three days, could be tied to its U-turn from a multi-month ascending trendline support, as well as a short-term bullish trend channel formation. Furthermore, risk-on sentiment in the financial markets also offered additional strength to the Binance Coin price recovery.
Adding strength to the upside bias is a jump in the trading volume and an improvement in the market capitalization (market cap). According to Santiment, Binance Coin’s daily trading volume hits a two-week high, up for the sixth consecutive day, while rising to $6.27 billion by press time. That said, the market cap improves from the lowest level since the month’s start to $116.55 billion as we write.
The Binance Coin price’s latest run-up also gains support from the improvement in the 14-day Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) momentum indicators, keeping the buyers hopeful as they defend the three-year bullish trend.
Still, the Binance Coin price faces a second consecutive weekly and monthly loss while also bracing for the third consecutive yearly gains.
Can BNB buyers cross the $930.00 key resistance and reclaim control? Let’s check!
Binance Coin Price: Daily Chart Attracts Buyers
On Thursday, the Binance Coin price poked the ascending trendline from April while falling for the second consecutive day and hitting the lowest level in 17 days. However, the BNB bounced off afterward and posted more than 2.0% intraday gains by early Friday in New York.
Apart from a clear U-turn from the key support line, the 14-day RSI line’s steady movement around the 50.00 neutral level and an absence of red histograms on the MACD also underpin bullish bias surrounding BNB.
However, a daily closing beyond the 61.8% Fibonacci retracement of its April-October upside, close to $848.00, becomes necessary to convince buyers.
Beyond that, the 50-day and 100-day Exponential Moving Averages (EMAs), near $915.00 and $929.00, respectively, close to the $930.00 round figure, could test the bulls afterward.
If BNB manages to stay firmer past $930.00, its rally toward the $1000.00 psychological magnet, and then to the 38.2% and 23.6% Fibonacci ratios, respectively near $1,050 and $1,175, can’t be ruled out.
Alternatively, an ascending support line from April, near $826.00, closely followed by the $800.00 threshold, acts as the bull’s last line of defense should the BNB price reverse.
Notably, the BNB’s weakness past $800.00 makes it vulnerable to slump toward the 78.6% Fibonacci ratio of $702.00, June’s low of $603.00, and April’s low near $519.00.
Binance Coin Price: Four-Hour Chart Highlights Bullish Channel
On the four-hour chart, the Binance Coin price portrays a month-old ascending trend channel bullish chart pattern, currently between $817.00 and $935.00.
Given the steady RSI near the 50.00 threshold and bullish MACD signals (green histograms), the bullish trend channel is likely to keep pushing BNB towards the 200-bar EMA hurdle of $896.00, before confronting the $935.00 resistance comprising the ascending channel’s upper bounce.
In a case where the Binance Coin price remains firmer past $935.00, the 38.2% Fibonacci retracement of its October-November downside, near $1,015, and the daily chart’s higher levels will be in the spotlight.
Meanwhile, a downside break of $896.00 will defy the short-term bullish chart pattern, which in turn can drag BNB to November’s low of $792.00, ahead of directing sellers to the deeper levels discussed on the daily chart.
